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RIDGEMOUNT HOUSE
For Sale
INCOME PRODUCINGPOTENTIAL DEVELOPMENT / REFURBISHMENT OPPORTUNITY
BEDE WAY, PETERLEE, COUNTY DURHAM SR8 1PA
0191 223 5800cushmanwakefield.co.uk
INCOME PRODUCING
PETERLEEPeterlee is located within County Durham in the North East of England. The town is situated approximately 20 miles south east of Newcastle upon Tyne, 10 miles east of Durham and 10 miles south of Sunderland.
LEE HOUSE
Castle Dene Shopping Centre
RIDGEMOUNT HOUSE
For Sale
Peterlee is strategically located within easy access to the A19, which is one of the region’s major road networks connecting Newcastle in the north and York to the south.
Peterlee benefits from a population of approximately 20,000 (Census 2011) making it one of the region’s largest towns.
Ridgemount House is located opposite the Peterlee Interchange to north end of Castle Dene Shopping Centre. The centre provides approximately 300,000 sq ft of retail accommodation anchored by a large ASDA superstore which provides around 1,100 free parking spaces.
Established retailers within the scheme include Iceland, B & M Bargains and Costa.
RIDGEMOUNT HOUSE, BEDE WAY, PETERLEE, COUNTY DURHAM SR8 1PA
Other occupiers in Castle Dene Shopping Centre include: Argos, Greggs, Superdrug, Card Factory, Hays Travel, Poundland, Wilko, Dicksons, EE, Lloyds Bank, Select and Tui.
RIDGEMOUNT HOUSERidgemount House occupies a prominent position on Burnhope Way which is one of the town’s main arterial routes.
The building consists of a 5 storey detached office building with brick external elevations under a flat roof. Access is via a common ground floor reception area which faces the bus interchange.
Peterlee Interchange
RIDGEMOUNT HOUSE
For SaleRIDGEMOUNT
HOUSE
RIDGEMOUNT HOUSE, BEDE WAY, PETERLEE, COUNTY DURHAM SR8 1PA
FLOORFLOOR AREA
(SQ M) FLOOR AREA
(SQ FT)
GROUND FLOOR OFFICES 22.11 238
PART GROUND & FIRST FLOOR 527.87 5,682
SECOND FLOOR 419.83 4,519
THIRD FLOOR 418.06 4,500
FOURTH FLOOR 417.04 4,489
FIFTH FLOOR 418.06 4,500
TOTAL 2,222.97 23,928
RIDGEMOUNT HOUSE, BEDE WAY, PETERLEE, COUNTY DURHAM SR8 1PA
RIDGEMOUNT HOUSE
For Sale
INCOMEThe fourth floor is currently let to Durham County Council on a lease expiring on 31 March 2025, with tenant break on 31 March 2020. The passing rent is £23,567 pa exc. VAT with a rent review due on 1 April 2020.
The remainder of the office floors are vacant.
There is further income via two telecoms masts on the roof, as follows:
MAST 1:Let to Orange Personal Communications Services Limited at an annual rent of £9,000 per annum exc. VAT. The tenant is holding over.
MAST 2: Let to Vodafone Limited at a passing rent of £8,000 per annum exc VAT. The tenant is holding over.
In addition, the neighbouring public house are a sub long leaseholder with a ground lease which expires in 28 November 2142 at an annual rent of £175 without review.
VATThe property is elected for VAT and as such the sale is expected to be treated as the Transfer of a Going Concern (TOGC).
OPPORTUNITIESRefurbish common areas and vacant office suites with a view to re-letting.
Consider alternative use potential subject to planning permission.
Engage with the public house operator, as sub long-leaseholder – on the permissions and restrictions under their lease.
PROPOSALProposals sought for the unconditional purchase of the long leasehold interest in the property.
ANTI-MONEY LAUNDERINGIn accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
EPCAn Energy Performance Certificate is available on request.
Floor areas above have been provided by the vendor. Floor plans are currently being drawn up and floor areas will be verified via this exercise.
SERVICE CHARGEThe property is subject to a service charge running at a figure of £50,655 per year (2019/20 budget).
ACCOMMODATIONWe have not measured the floors but have been provided with the following Net Internal Areas by the vendor. Purchasers should satisfy themselves as to the floor areas.
TENUREThe property is held on a long leasehold basis (Title No: DU196488) at a rent of £1 per annum for a term of 999 years from 1 September 2004. There is an option to purchase the freehold after the 25th year of the term for a sum of £100.
Produced by www.creativestreakdesign.co.uk Ref: CSD/1522
RIDGEMOUNT HOUSE
For Sale BEDE WAY PETERLEE
COUNTY DURHAM SR8 1BB
Sunderland,Newcastle& North
Teesside& South
SOUTH WESTINDUSTRIAL
ESTATE
NORTH WESTINDUSTRIAL
ESTATE
NORTH EASTINDUSTRIAL ESTATE
Whitehouse W
ay Penn
ine D
rive
Shotton Rd
Davy Drive
Mill Hill
Lowhills Road Essington Way
Eden Lane
Cook Way
Shotton Lane
PETERLEE
Castle DeneShopping Centre
PeterleeLeisure Centre
B1320
B1320
B1320
A1086
Acre Rigg Rd
Passf
ield W
ay O’Neil Drive
Peterlee Community Hospital
A19
A19
North EastSouth Portfolio
North EastNorth Portfolio
HEXHAM
DURHAM
SUNDERLAND
PETERLEE
NEWCASTLE
DARLINGTON
NewcastleInternational
Airport
TeessideInternational
Airport
A1
A1
MIDDLESBROUGHMIDDLESBROUGH
A19
A1(M)
A1
A19
A1
A19
A66A66
A1(M)
A69
RIDGEMOUNT HOUSE
Chris DonabieT: 0191 211 1548
0191 223 5800cushmanwakefield.co.uk
Richard ScottT: 0191 223 5711
FURTHER INFORMATION:
James FletcherT: 0191 211 1560
Emma StainsbyT: 0191 223 5716
Contact the joint agents Naylors Gavin Black or Cushman & Wakefield
IMPORTANT NOTICE: NAYLORS GAVIN BLACK LLP and CUSHMAN & WAKEFIELD for themselves and for the vendors and lessors of the property give notice that: (i) these particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of any offer or contract. (ii) All descriptions, dimensions, reference to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but without responsibility on the part of Naylors or their clients. Any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person, either principal or employee, at NAYLORS GAVIN BLACK LLP or CUSHMAN & WAKEFIELD has any authority to make or give any representation or warranty in relation to this property. (iv) Any reference to plant, machinery, equipment, services, fixtures or fittings shall not imply that such items are fit for their purpose or in working order. January 2020
